Visa, phone OEM Micromax and payments technology company Transerv have announced the launch of mVisa for all users of TransServ’s Udio mobile app users across India, including Micromax smartphone users.
mVisa is a payment service that allows consumers to use their mobile phones to make cashless purchases, pay bills and send money to friends and family members. Users securely link their Visa debit, credit or prepaid account to the mVisa application and make purchases by scanning an mVisa QR code at a retailer and initiating a transfer of funds from their account to the retailer’s account.
mVisa can be pre-embedded into different types of smartphones thereby greatly increasing consumer reach. Deep integration with devices presents great potential to create new payment experience, that will play a crucial role in shaping the future of digital payments. mVisa eliminates the need to carry cash by providing customers a more convenient and secure way to pay.
The mVisa payment solution will be made available to Micromax smartphone users through the native Udio app within their handsets, making Micromax the only handset provider with a native app facilitating mVisa issuance.
Also, this is the first roll-out of mVisa via the Visa Developer Platform, an open platform that provides developers at merchants, financial institutions, technology companies and start-ups with access to some of Visa’s most popular payment services and capabilities to create new digital commerce experiences. Visa Developer enables partners to connect to Visa over web services making it considerably easier and enabling them go to market faster than traditional methods.
“We believe real growth in digital payments would truly happen by offering best in class payments technology and services to the masses across our country and enabling them to digitize their money,” commented Anish Williams, Co-founder & CEO of TranServ at the launch. “The launch of mVisa on Udio delivers a world class payment experience to the large customer base of Micromax users. Owing to the simplicity of the process, we are confident of it becoming very popular with the cash-centric segments in the society, thus being a significant catalyst towards our mission of a less cash economy.”
TR Ramachandran, group country manager for India and South Asia at Visa, said, “The opportunity to accelerate the growth of commerce is fundamentally different today. With the launch of Visa Developer Platform, clients and partners now have access to some of Visa’s most popular payment capabilities. This enables them to create commerce experiences with Visa technology integrated, enabling greater security, scale and convenience. We are excited to work with Micromax and TranServ to bring mVisa to more consumers across the country and believe this will lead to increased adoption of digital payments.”
Micromax co-founder Vikas Jain added, “The integration of mVisa on Udio is a step further towards simplifying mobile payments. Our collaboration will further leverage the Micromax mobile devices and our presence across a vast consumer base. We believe that single platform integration with multiple disparate services will broaden access and the mobile phone comes at the centre stage of this functionality. Micromax consumers will experience a seamless and delightful digital wallet experience.”
For the cash-centric segments, Udio enables customers to digitize their physical cash at nearly 100,000 offline centers across the country in addition to standard online wallet loading options; thus entirely eliminating the need to carry cash.
The launch of mVisa follows the recent launch of Virtual Visa Card linked to the Udio mobile app in partnership with RBL Bank, which has seen tremendous success in the last quarter. Nearly 80% of new Udio users activate the card functionality monthly. In the last quarter the Virtual Visa card in the Udio app has seen a 75% increase in the monthly payment volume; and an overall increase of 200% in the average ticket size.
Transerv says it expects to process close to $1 billion in transaction volumes in the current fiscal year. With the introduction of new features, including the Virtual card and mVisa, gaining momentum among all customer segments, Transerv is aiming for 300% growth in transaction volume over the previous year.